Short-sale and 3bed home for less than $200k in Pacific Beach??

Asked by Jay, 92114 Thu Mar 13, 2008

Hello everyone.

Thanks all for answering my previous questions on here!

Is it possible that I can get a 3bedroom home with bigger than 1,000 sqft in a decent location in San Diego (Point Loma, Pacific Beach, Old Town, Kearny Mesa, Clairemont Mesa, La Mesa, Golden Hills) in San Diego for less than $190K? Of course, I know in South East San Diego and South San Diego, there are houses of those price, which is what I'm looking at right now.

I am willing to take out a loan for no more than $220K (my monthly budget to pay rent/mortgage is $1,275).

If you take a look here at homes that have been recently sold for less than $230K, you'll see some good deal.,CA/3,4p_beds/SINGLE-FAM…

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A, , San Diego County, CA
Mon Apr 7, 2008
Dear Jay...I think you might want to consider working with a realtor. The houses you referenced ..those sales prices don't mean that is what they really sold for...for example the one in bay park on Borrenson...that figure was from the auction at the courthouse in lieu of bank buy back on a note. The house last sold in 2000 for the mid 500's. It will most likely come on the market here soon wayyyyy out of your range!

The market has gone down...but not enough to allow you to buy a 3 bedroom detached house for 200k or less in any of the areas you referenced! That price range you are looking at a condo. To see what is going on in those areas check out and it will give you an idea of the pricing for the areas you like.
My best advice to you is get an agent who knows san diego well and knows all of those areas. If you need any help I would be glad to help you. Give me a call anytime 619-384-6997
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Marilia Cath…, , 92101
Fri Mar 28, 2008
No, there are no homes or vacant lots in Pacific Beach for $200K.
You definitely need an experienced realtor to help you.
I have been working as a realtor in San Diego for the past 34 years.
Please give me a call at 619 300-5008 if I can help you.
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Heidi Lawler, Mortgage Broker Or Lender, San Diego, CA
Sun Mar 16, 2008

Based on your monthly budget, it looks like you may qualify for down payment assistance. You already have 20% down, and you may qualify for an additional 31% down silent 2nd through the city of San Diego. This will allow you to purchase in the $300's which will give you more properties to consider. I am an approved lender for this program and would be happy to help you get pre-qualified.
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fredeckert, Agent, San Diego, CA
Thu Mar 13, 2008
I definitely agree with Rebecca. You not only need a Realtor to be looking up this information for you, it is also in your best interest to get a lender to prequalify/pre apporve you for a loan too. By getting the loan qualification out of the way, you will know just what price range you can buy. It is possible that what you think you can afford, is not necessarily what a lender would lend you. I can refer you to both a good lender and a good Realtor. See the site below for some useful information on homebuying.
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Rebecca Cham…, , Palos Verdes Estates, CA
Thu Mar 13, 2008
Jay, You need to find an excellent local Realtor.
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Jay, , 92114
Thu Mar 13, 2008
For instance, a 4 Br 3ba 3,076sqft was sold a month ago in San Diego for $177,803! Is this possible?!?…

What about a 4 bedroom/2ba, 1920sqft home in Pacific Beach that was bought for $465K in 1999 that was sold for $183,789! A 4 bedroom house in Pacific for less than $200K, is that posssible in Pacific Beach?!?…

Currently, I'm looking to purchase a $200K home with a 20% down payment. The specs: 4 bed/2ba, and a 5,000 sqft backyard. It's a shortsale which was originally $400K several years ago, but the seller is willing to give me $200K for it. So, borrowing $160K with the current interest rate will cost me about $1260 (including property tax and homeowner insurance). Utilities and phone will cost me a more, so I'm looking at $1350. That is over half of my net monthly income.

What do you think of the house sitatuion in San Diego? Is it possible to buy a single-family house in the coastal area for less than $200K (3 bedroom)?

Also, I'm in the process of getting a short-sale home. How does that work? I found the home and got the offer for a low price and I'm pre-approved. The next step is to close the deal, right? How does it work?
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